PTV International Ventures led the round with Rs 83.33 crore followed by SiriusOne Capital, Cornerstone Ventures among others
Electric vehicle-focused battery platform Log9 Materials has raised over $11 million in what appears to be an extended Series B round led by PTV International Ventures. SiriusOne Capital, Cornerstone Ventures, and several others also participated in the fresh infusion, Entrakr reported.
The second part of the Series B round follows the Rs 77 crore ($9.4 million approximately) fundraising from Amara Raja Batteries in September 2022, the report added.
According to the regulatory filing with Registrars of Companies (RoC), the board at Log9 Materials has reportedly passed a special resolution to issue 44,194 Series B compulsory convertible preference shares (CCPS) and 440 partly paid CCPS at an issue price of Rs 22,703 each and Rs 100 per share respectively to raise Rs 91.26 crore or $11.4 million.
PTV International Ventures led the round with Rs 83.33 crore followed by SiriusOne Capital and Cornerstone Ventures, which infused Rs 2.9 crore and Rs 2.04 crore, respectively. Kube Opportunities’ LO Fund also joined the round with Rs 1.83 crore while the remaining sum came from Anicut Capital, IITMS Rural Technology and Business Incubator, and others.
The company was founded in 2015 at IIT Roorkee by Akshay Singhal, Kartik Hajela and Pankaj Sharma. The company aims to use its core competence in graphene nanotechnology to develop advanced energy storage technologies from electrode materials, cell to pack level.
Our Rapid Charging Battery packs solve the challenges in adoption for the two-wheeler (2W) and three-wheeler (3W) electric vehicle platforms while our Aluminum Fuel Cell technology is targeted towards the electrification of long haul, heavier vehicles, said the company.
After the financial development, the company has reportedly been valued at around Rs 1,786 crore or $223 million. It has raised around $30 million to date, including a Series A+ round of $8.5 million in August 2021.